₦airaland Forum

Lagos state needs no introduction. Èkó, a name that Lagos was fondly called even before colonization, is the largest city in Nigeria. It is known for its nightlife, beach resorts, and the Third Mainland Bridge which connects the mainland to Lagos Island.

I know, I know, you knew that already. But what sets Lagos apart from the numerous cities in Africa is its status as one of the top ten fastest-growing cities and urban areas globally. Lagos is truly the land of wealth with its seat as one of the highest GDPs in Africa.

According to experts, Èkó is the most profitable and valuable real estate market across Nigeria. Evidently, real estate is a profitable venture that investors look out for. Investment in real estate has tax advantages, profits from appreciation and rental income, and serves as an inflation hedge. Imagine, missing out on the opportunity to gain all these advantages listed plus the added merit to diversify your portfolio. What a shame that would be.

A good location with developments and landmarks delivers a good Return on Investment (RoI). With a monthly Internal Generated Revenue (IGR) realization of N44.5 billion in 2021, Lagos has proven beyond doubt that it guarantees solid returns. These reasons and more are why I believe you should invest in land in the city of entertainment and wealth.

Now, several locations within Lagos have proven to be profitable landmarks to invest in. Not only in terms of the ever-growing population, fast urban development, and appreciating property prices but its affordability. That being said I present to you, the best locations to buy properties in Lagos, the Real Estate capital of Nigeria.

1) Lekki

You have probably heard of Lekki before. The adjoining city between Victoria Island and Ikoyi – both affluent areas in Lagos state. Lekki is at the heart of Lagos’ financial business district, with properties increasing in value every few months. It is currently the fastest developing area in West Africa which is prompted by developments and investments in the area such as the Palms mall, and the Landmark beach. An investor’s first choice.

The demand for homes, office spaces, businesses, and recreational parks in Lekki is high and ever-increasing. The perks are that you get to invest in both cheap and expensive properties because of the luxurious buildings and high-net-worth individuals that live here.

Price estimates of land and properties: Land sold at N280m for 1000 square meters and 3-bedroom apartments for N80 – N150m.

Notable properties on sale: Camberwall Advantage 3 and 4.

2) Chevron

Chevron drive and estate are located after Lekki phase 1, about an hour’s drive away from Lekki. It has residential buildings and estates such as North Pointe estate, Ocean Bay Estate, Lekki County homes, VGC, etc. Chevron area has good drainage channels and road networks. It is known for its low crime rate and good property appreciation which makes it a good area to invest in. This area would excite you, it is filled with top-tier residential serviced estates which come at a good fee.

Price estimates of land and properties: A plot of land goes for N80-100m, and a 3-bedroom apartment goes for N50 – N80m, while the rental value is N2.5 – N3m per annum.

Notable properties on sale: Chevy Castle Apartments.

Read more Best Locations To Buy Properties In Lagos